Moving Costs Keeps Senior Citizens In Their Homes

February 09, 1985

More than 7.9 million Americans over the age of 65 now live in the suburbs--a statistic that has increased by more than one-third since 1970.

Although senior citizens constitute the fastest-growing population segment, they rarely move because of the monetary and physical costs involved. High apartment rents, which in the suburbs range from $750 to $1,000 a month, more or less force this market to stay put in homes that are too big and too much work but that involve somewhat less expense.

``Many of these people are in a quandary as to whether they should stay in a large house that requires regular maintenance and has continuously rising real estate taxes and utility costs,`` said Michael Pinsker, president of Real Properties Inc., residential real estate brokerage and investment firm in Schaumburg.

``Often, these are the long-term owners` only housing costs as they have long ago paid off their mortgages. The alternative for many people in this position is to go into a rental apartment where they are not responsible for maintenance but the required monthly outlay is indeed high,`` Pinsker said.

``Little apartment construction has occurred over the last 10 years because it has not been profitable for investors to build, even with government subsidies,`` he added. ``The large number of recent condominium conversions also charge higher rents.``

Pinsker said that fully 12.2 million owner-occupied homes in this country at present have one or two persons living in five or more rooms. These are predominantly senior citizens who infrequently move to more practical housing, making listings from this market segment a rare commodity.

``Part of the quandary keeping these people in their too-large houses is the fact they want to remain within 15 or 20 minutes driving distance of where they`ve lived for many years,`` he continued.